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CSRC: Crackdown on Illegal Cross-border Securities, Futures and Fund Activities; Investor Asset Safety Unaffected
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The China Securities Regulatory Commission (CSRC), together with eight departments including the Ministry of Industry and Information Technology, the Peoples Bank of China and the State Administration for Market Regulation, jointly issued the "Implementation Plan for the Comprehensive Rectification of Illegal Cross-border Securities, Futures and Fund Business Activities". The responsible official of the CSRC stated that the Rectification Plan proposes comprehensive monitoring and inspections, strengthened clean-up of internet platforms and information, enhanced regulatory interviews and supervision of overseas institutions, investigation and penalties for key cases, resolute handling of illegal cross-border business activities and their entities, reinforced management of cross-border securities, futures and fund investments, strengthened cross-border regulatory cooperation, protection of investors legitimate rights and interests, improved policy communication and guidance, enhanced regulatory systems, and promotion of compliant investment.
Among them, the CSRC will take the lead in carrying out the comprehensive rectification of illegal cross-border securities, futures and fund business activities. The National Financial Regulatory Administration will be responsible for financial consumer protection and supervision of domestic banking institutions. The Peoples Bank of China will utilize its anti-money laundering system to support relevant work. The State Administration of Foreign Exchange will oversee foreign exchange management. The State Administration for Market Regulation will strengthen registration supervision of relevant domestic business entities in accordance with the law and, together with relevant departments, enhance oversight of related advertising activities. The Cyberspace Administration of China will strengthen governance and disposal of illegal financial information online. The Ministry of Industry and Information Technology will handle illegal internet applications identified by financial regulators. The Ministry of Public Security will investigate and prosecute illegal business operations and other economic crimes. Local governments will assume territorial responsibility for preventing and combating illegal cross-border securities, futures and fund activities.
Regarding the protection of investors legitimate rights and interests, the CSRC official noted that disputes or losses arising from overseas investments conducted through illegal channels may not receive full protection or legal remedies under domestic law. The primary objective of this rectification campaign is to protect investors legitimate rights and interests by strictly cracking down on illegal operations, and investors asset safety will not be affected by the campaign. The Rectification Plan clearly safeguards the legitimate rights and interests of existing investors, including setting a two-year concentrated rectification period to phase out relevant domestic services provided by overseas institutions; requiring overseas institutions to maintain communication with affected domestic investors and properly arrange account handling to ensure client asset safety; conducting investor education on cross-border securities, futures and fund activities and guiding financial institutions to strengthen risk warnings; coordinating with overseas financial regulators to urge overseas institutions to take measures to safeguard the assets of domestic investors and properly handle complaints; and guiding domestic investors to conduct overseas investments through lawful channels such as Stock Connect, Qualified Domestic Institutional Investor (QDII) schemes and Cross-boundary Wealth Management Connect.
AASTOCKS Financial News
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